Home Sweet Home
If you live and drive anywhere in Las Vegas, you may have noticed a new home development or two around the city. The surge in new homes is astounding and great for the economy.
Purchasing a new home can be exciting and is still viewed as part of the great “American Dream”. But what if your dreams turn into a nightmare? Many of us still remember the great recession 7 years ago where the housing/financial market collapsed. Many lenders and financial institutions became greedy and America suffered. 2009 may seem like a distant memory but lenders can, and may continue, to behave badly. One homeowner had enough, so she sued and won.
In the Insurance Journal article: Leticia Lucero sued Cenlar after the company failed to notify lenders her home was no longer in foreclosure. She then noticed charges amounting to more than $26,000 on her mortgage. Judge Robert Lasnik, a federal judge in Seattle, found the company was annoyed Lucero sued and was adding its legal fees related to her case onto her mortgage. An attorney for Lucero says the this ruling could introduce other cases where homeowners argue that lenders are causing emotional distress during negotiations.
Read full article here: http://www.insurancejournal.com/news/west/2016/03/08/401217.htm
But it’s not just the lenders that you have to be aware of, it’s also the homebuilders as well. Homes in Las Vegas go up fast, really FAST. When the builder has deadlines to meet and people that want to get in their home, many corners can be cut, resulting in years of problems for you as the homeowner. According to a lasvegassun.com article:
“During the go-go years of rampant construction, skyrocketing prices, rapid sales volume and all-too-easy mortgage lending, homebuilders couldn’t work fast enough. At the peak, in 2005, they sold about 39,000 new homes in Southern Nevada, or more than 100 per day, according to Las Vegas-based Home Builders Research. When you work that fast, the chances for error only grow. Perhaps one way to interpret UNLV’s findings is that Nevada, with its white-hot growth, was more prone to shoddy construction than most states”.
Read full article here: http://lasvegassun.com/news/2015/feb/20/analysis-construction-defect-law-stunting-nevadas-/
What can you do to protect yourself? Here are a few things you can do to help prevent issues in the future if you are making a new home purchase:
- Document everything: If you find that you are encountering many issues, small or large, write everything down. Even if you get the issue fixed, keep a journal of all problems and repairs being done to the home. Make sure you document dates and times for all types of interaction with your home builder, even if it is a quick phone call.
- Be aware of your warranties: Most new homes come with different warranties for various items in the home. Make sure you know what is covered and what is not. Do not wait until the day your warranty expires to have something repaired if you have a problem now.
- Read the fine print: This can save you from many problems if you have either purchased a new home from a homebuilder or if you hold a mortgage with a financial company. In the previous article, Ms. Lucero noticed that more than $26,000 was added to her existing mortgage after winning a judgement against her lender for failing to report that her home was no longer in foreclosure.
In most cases you as the buyer/borrower must be aware of any and all things in your contract when making a purchase. While we want to believe that most business are acting with our best interest in mind, we know that may not always be the case. Call the office of Lagomarsino Law at 702-383-2864 or visit http://lagomarsinolaw.com if you or someone you know is in need of legal help.